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Report summary

Exploration returns are higher than full-cycle returns. Explorers can choose to sell their discoveries rather than continue through to development and production. The disposal option is often value-neutral but achieves faster payback. Higher returns reward the greater risk in wildcatting. Development costs exceed exploration costs six-fold. Early monetisation offers talented but capital-constrained explorers a route to accelerate reinvestment in their core strengths. By staying small,...

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Exploration without development - the high returns strategy

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Executive summary

Undeveloped discoveries can be attractive assets with prices to match

A few explorers have already enhanced their returns through disposals

Many more could yet transform exploration returns by selling discoveries

Show us the money - investors need explorers to prove value creation

But governments' attitudes to explorers selling discoveries can be mixed

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